A non-bank lender which has $8 billion in mortgages under management is going to auction... Auction activity to stay elevated...
Non-bank lender up for sale
Non-bank lender Firstmac is for sale, with Goldman Sachs looking for a strategic investor or a buyer to snap up the whole company, according to the Australian Financial Review.
Firstmac is owned by Brisbane businessman Kim Cannon and has about $8 billion in mortgages under management.
Goldman has turned its attention to potential buyers such as banks, private equity firms and offshore strategic players to generate interest before a two-part auction takes place.
According to the AFR, Firstmac could be worth up to $500 million and hits about $20 million in annual profits.
Cannon is considering selling a 30% to 40% stake in the business or the whole company and has reportedly been approached over the years by interested parties, including the big banks.
Auction activity to stay elevated
It’s been the nation’s busiest auction market for quite some time and activity in Melbourne is predicted to keep up its record setting pace.
According to the Real Estate Institute of Victoria (REIV), auction volumes in the Melbourne market are set to remain elevated in coming weeks as vendors push to get on the market before the Federal Election and the beginning of school holidays in Victoria.
The election date, 2 July, is also the starting date for Victoria’s mid-year school holidays.
“Vendors are looking to go to market prior to these other events early next month – including the election which will be a big focus in the first weekend in July,” REIV chief executive officer Geoff White said
“Buyers are going to be spoiled for choice in the next few weeks with high auction numbers in more than 300 Melbourne suburbs,” White said.
“This will enable buyers to purchase a new home and even settle before spring.”
(Your Investment Property)
Non-bank lender Firstmac is for sale, with Goldman Sachs looking for a strategic investor or a buyer to snap up the whole company, according to the Australian Financial Review.
Firstmac is owned by Brisbane businessman Kim Cannon and has about $8 billion in mortgages under management.
Goldman has turned its attention to potential buyers such as banks, private equity firms and offshore strategic players to generate interest before a two-part auction takes place.
According to the AFR, Firstmac could be worth up to $500 million and hits about $20 million in annual profits.
Cannon is considering selling a 30% to 40% stake in the business or the whole company and has reportedly been approached over the years by interested parties, including the big banks.
Auction activity to stay elevated
It’s been the nation’s busiest auction market for quite some time and activity in Melbourne is predicted to keep up its record setting pace.
According to the Real Estate Institute of Victoria (REIV), auction volumes in the Melbourne market are set to remain elevated in coming weeks as vendors push to get on the market before the Federal Election and the beginning of school holidays in Victoria.
The election date, 2 July, is also the starting date for Victoria’s mid-year school holidays.
“Vendors are looking to go to market prior to these other events early next month – including the election which will be a big focus in the first weekend in July,” REIV chief executive officer Geoff White said
“Buyers are going to be spoiled for choice in the next few weeks with high auction numbers in more than 300 Melbourne suburbs,” White said.
“This will enable buyers to purchase a new home and even settle before spring.”
(Your Investment Property)
